Photos: Irish 'ghost estates'

REUTERS/Cathal McNaughton05.02.2012

A man marks his catalogue during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughton

REUTERS/Cathal McNaughton

Catalogues sit on a table during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom.REUTERS/Cathal McNaughton

Auctioneers receive bids by phone during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

The auctioneer receives a bid during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

A man places a bid during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

People view the catalogue during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

People view the catalogue during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

Auctioneers receive bids by phone during the cut-price property auction at the Shelbourne Hotel in Dublin, May 3, 2012. "It was a good day," said the man who bought Ireland's first derelict 'ghost estate' at auction since the country suffered Europe's heaviest property crash.The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

Cnoc An Iuir, an empty and unsold housing development, is pictured in the village of Drumshanbo, County Leitrim, January 28, 2012. During the economic boom, Irish developers attempted to cash in, building tens of thousands of houses. However, poor planning decisions and the global recession have resulted in a large number of estates being abandoned, unoccupied or unfinished. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

Security fences surround an empty and unsold housing development near the village of Drumshanbo, County Leitrim, January 28, 2012. During the economic boom, Irish developers attempted to cash in, building tens of thousands of houses. However, poor planning decisions and the global recession have resulted in a large number of estates being abandoned, unoccupied or unfinished. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

Lis Cara, an empty and unused housing development, is pictured in the town of Carrick On Shannon in County Leitrim, January 28, 2012. During the economic boom, Irish developers attempted to cash in, building tens of thousands of houses. However, poor planning decisions and the global recession have resulted in a large number of estates being abandoned, unoccupied or unfinished. Picture taken January 28, 2012. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

An electrical cable is used to secure a security fence surrounding Cnoc an Iuir, an empty and unsold housing development in the village of Drumshanbo, County Leitrim, January 28, 2012. During the economic boom, Irish developers attempted to cash in, building tens of thousands of houses. However, poor planning decisions and the global recession have resulted in a large number of estates being abandoned, unoccupied or unfinished. Picture taken January 28, 2012. REUTERS/Cathal McNaughtonREUTERS/Cathal McNaughton

Lis Cara, an empty and unused housing development, is pictured in the town of Carrick On Shannon, County Leitrim January 28, 2012. During the economic boom, Irish developers attempted to cash in, building tens of thousands of houses. However, poor planning decisions and the global recession have resulted in a large number of estates being abandoned, unoccupied or unfinished. Picture taken January 28, 2012.REUTERS/Cathal McNaughton